Vanda Pharmaceuticals, inc. (NASDAQ: VNDA) shares are indicating higher with some 2-hours to the open after scoring solid marks on Phase III insomnia results. At 7:30 AM EST we have seen some 23,200 shares trade hands with a last print of $5.89 in this pre-market session. Shares closed at $4.99 and its 52-week trading range is $2.70 to $21.50.

We want to alert traders that this one will potentially have a spring-loaded short covering effect this morning to add to the volatility. As of June 13, this had a short interest of 8.147 Million shares, and its average daily volume is 670,000 shares.